Sharemarkets, spooked by a string of failed mergers, are indicating doubt that Perpetual’s acquisition of Pendal will go ahead as the spread between the target’s share price and the implied offer has blown out to double digits.
On Monday, Pendal shares were trading at $4.50 – an almost 12 per cent discount to the $5.08 price that shareholders theoretically would be paid based on Perpetual’s scrip and cash offer.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
